Why avoid the bank's critical illness insurance?

When you arrange a mortgage with your financial institution, you are offered to buy critical illness insurance with your mortgage. This benefit will pay off your mortgage should you be diagnosed with a critical illness that satisfies their policy definitions and requirements.

Here's why you must say "no" to the bank:

• You do not own the policy. They control your policy and the coverage you receive.
• They can cancel your policy at any time, without your permission!
• They can raise your premiums at any time, without your permission!
• Your coverage terminates when you refinance your loan. You will be required to re-qualify medically and your premiums will go up.
• If you switch to another bank that offers you a better interest rate upon your mortgage renewal, you lose your coverage. Your premiums will go up.
• Your coverage is decreasing while your premiums remain level. This is a very expensive form of coverage!
• The proceeds are payable only to the mortgage company. You get nothing to aid in your physical recovery.
• Most banks limit their coverage to age 65. What about the next 10 years, when you are at the highest risk? The banks win, you lose.
• Illnesses covered are restricted from 3 to 8 at best.
• Most loan officers are not licensed to be insurance agents. They cannot, by law, provide you with insurance advice as they are not trained or qualified.

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• You own your policy. You decide the coverage you need.
• Only you can cancel your policy at any time.
• Your premiums are guaranteed in writing not to change.
• Your plan is portable. You can refinance your mortgage at any time. Your plan stays intact and your premiums don't go up.
• Proceeds are payable directly to you. Pay down debt, mortgage, and out of country medical treatments.
• You choose the length of coverage: 10, 20 years; to age 65, to age 75, or to age 100!
• Obtain coverage of up to 25 illnesses.
• Benefit from our experienced and licensed independent brokers who will help you to find the best solution.